1.Record the following transactions for Sparky’s Pet Shop using the general journal form provided below. Assume...

1.Record the following transactions for Sparky’s Pet Shop using the general journal form provided below. Assume Sparky’s uses a perpetual inventory system. Omit transaction descriptions from entries:

Date	Transaction
July 3	Sold merchandise on account for $3,750. The cost of the merchandise sold was $2,000
July 5	Issued credit memo for the $1,050 for merchandise returned from sale on July 3. The cost of the merchandise returned was $610.
July 12	Received check for the amount due for sale of July 3 less return on July 5.
August 1	Purchased $6,000 of merchandise on account, terms 2/10, n/30.
August 3	Returned $1,500 of merchandise purchased on August 1 due to defects.
August 7	Recorded cash sales for the first week of August, $9,750 plus 6% sales taxes; cost of the merchandise was $4,000.
August 10	Made sale on account to a local breeder for $500, terms 1/10 net 30; cost of the merchandise was $200.
August 11	Paid for the merchandise purchased on August 1, less return.
August 20	Received payment from sale of August 10.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Prepare entries in general journal form to record the following transactions in General Fund general ledger...

Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for fiscal year 2019. Use modified accrual accounting for the General fund only -The legal budget for the year provided for $900,000 of estimated revenues, $800,000 appropriations, and $50,000 transfer out to debt service fund. -Issued $ 250,000 of purchase orders outstanding for office supplies. -Property taxes were levied in the amount of $400,000. It is estimated that 2 percent of the taxes...

In the general journal provided, prepare entries (in good form) for the following transactions. If no...

In the general journal provided, prepare entries (in good form) for the following transactions. If no entry is required, write “NO ENTRY”. October 1 - Bob Lee opened a martial arts school, called Lee Martial Arts, by depositing $40,000 cash into a business bank account and contributing exercise equipment worth $10,000. October 4 - Hired an assistant, to be paid $400 per week, starting next week. October 5 - Signed up 5 students, who will begin lessons on October 8,...

Please record the following transactions in the journal below for Cardinal County's general fund. 1 At...

Please record the following transactions in the journal below for Cardinal County's general fund. 1 At the beginning of the fiscal year the budget is recorded as follows: budgeted tax revenue $6,000,000, budgeted expenditures $5,900,000, budgeted transfers in from other funds $150,000. 2 Property taxes are levied, $5,600,000, and it is estimated that 3% will be uncollectible. 3 Paid wages, $400,000. 4 Issued purchase orders for supplies budgeted (estimated) to cost $5,000. Amounts were encumbered. 5 Later, $3,500 (budgeted cost)...

Record the transactions noted below in the General Journal TRANSACTIONS: Date &nb

Record the transactions noted below in the General Journal TRANSACTIONS: Date Transaction January 1 Owner, Tom Ford, invested $260,000 cash along with office equipment that had a $90,000 market value in exchange for 35,000 shares of $10 par value common stock in Celebrity Consultants, Inc. January 1 Purchased land and an office building for $140,000, of which $20,000 was attributable to the fair market value of the land. A $50,000 cash down payment was made and a 5% five-year note...

Record the December 31 adjusting entries for the following transactions and events in general journal form....

Record the December 31 adjusting entries for the following transactions and events in general journal form. Assume that December 31 is the end of the annual accounting period. a. The Prepaid Insurance account shows a debit balance of $2,340, representing the cost of a two-year fire insurance policy that was purchased on October 1 of the current year and has not been adjusted to-date. b. The Store Supplies account has a debit balance of $400; a year-end inventory count reveals...

Prepare entries, in general journal form, to record the following transactions in the proper fund(s) and/or...

Prepare entries, in general journal form, to record the following transactions in the proper fund(s) and/or account group(s). Designate the fund or account group in which each entry is recorded. 1. Bond proceeds of $2,000,000 were received to be used in constructing a new City Jail. An equal amount is contributed from general revenues. 2. Serial bonds in the amount of $300,000 matured. Interest of $75,000 was paid on these and other serial bonds outstanding. 3. Insurance proceeds amounting to...

1. Record January transactions in the General Journal and post to the General Ledger. 2. Record...

1. Record January transactions in the General Journal and post to the General Ledger. 2. Record adjusting entries for January in the General Journal and post to the General Ledger. 3. Prepare the adjusted trial balance as of January 31. January Transactions 1-Jan Performed car repair services and received cash at the time of sale, $4,990. 2-Jan Paid for the car parts purchased on account last year, $1,170. 4-Jan Paid wages and salaries for $3,190, part of which was accrued...

Record the following transactions for Heart and Soul Dance Co. in general journal form. 20-x Dec....

Record the following transactions for Heart and Soul Dance Co. in general journal form. 20-x Dec. 31 Net sales on account for the period were $640,000. Heart and Soul Dance Co. uses the percentage of sales method of estimating uncollectible accounts. Heart and Soul Dance Co. estimates that 3% of net sales are uncollectible. The balance in Allowance for Bad Debts is a $980 credit. If an amount box does not require an entry, leave it blank. Page: 1 DATE...

Record the following transactions for Sparky’s Pet Shop. Date Transaction Aug. 1 Purchased $6,000 of merchandise...

Record the following transactions for Sparky’s Pet Shop. Date Transaction Aug. 1 Purchased $6,000 of merchandise on account, terms 2/10, n/30. 3 Returned $1,500 of merchandise purchased on August 1 due to defects. 7 Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4,000. 10 Made sale on account to a local breeder for $500, terms 1/10, net 30; cost of the merchandise was $200. 11 Paid for the merchandise purchased on August 1,...

Prepare journal entries in general journal format to record the following transactions for the City of...

Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted) 1. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. 2. Purchase orders in the amount of $451,000 were mailed to vendors. 3. The current year’s tax levy of $4,005,000 was recorded; uncollectible taxes were estimated to be 2% of the tax...

Subjects